Hotchkis & Wiley Capital Management LLC Lowers Stake in Arrow Financial Corporation $AROW

Key Points

• Hotchkis & Wiley Capital Management LLC reduced its stake in Arrow Financial Corporation by 9.9%, selling 11,900 shares and retaining 107,930 shares, valued at approximately $2.84 million.
• Arrow Financial recently reported a quarterly earnings per share (EPS) of $0.70, surpassing analyst expectations of $0.62, and generated revenue of $51.57 million, well above the consensus estimate of $39.83 million.
• The company declared an increased quarterly dividend of $0.29 per share, resulting in an annualized dividend yield of 3.9% and raising its dividend payout ratio to 63.39%.

Hotchkis & Wiley Capital Management LLC cut its holdings in Arrow Financial Corporation (NASDAQ:AROW - Free Report) by 9.9% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 107,930 shares of the financial services provider's stock after selling 11,900 shares during the quarter. Hotchkis & Wiley Capital Management LLC owned 0.65% of Arrow Financial worth $2,837,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in AROW. Tower Research Capital LLC TRC increased its position in shares of Arrow Financial by 130.7% in the fourth quarter. Tower Research Capital LLC TRC now owns 1,241 shares of the financial services provider's stock valued at $36,000 after buying an additional 703 shares in the last quarter. State of Tennessee Department of Treasury purchased a new position in shares of Arrow Financial in the fourth quarter valued at approximately $198,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Arrow Financial by 4.9% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,406 shares of the financial services provider's stock valued at $270,000 after acquiring an additional 436 shares in the last quarter. MetLife Investment Management LLC lifted its position in shares of Arrow Financial by 9.4% in the fourth quarter. MetLife Investment Management LLC now owns 10,076 shares of the financial services provider's stock valued at $289,000 after acquiring an additional 866 shares in the last quarter. Finally, Angel Oak Capital Advisors LLC purchased a new position in shares of Arrow Financial in the first quarter valued at approximately $289,000. 46.71% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

AROW has been the topic of several research reports. Wall Street Zen upgraded Arrow Financial from a "sell" rating to a "hold" rating in a research report on Saturday, July 12th. Hovde Group raised their target price on Arrow Financial from $27.50 to $28.50 and gave the company a "market perform" rating in a research report on Friday, July 25th. Finally, Piper Sandler decreased their target price on Arrow Financial from $30.00 to $28.00 and set a "neutral" rating on the stock in a research report on Monday, May 5th. Two research analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $28.25.

Arrow Financial Price Performance

Shares of AROW stock traded down $0.05 during trading hours on Monday, reaching $29.73. The company had a trading volume of 87,930 shares, compared to its average volume of 45,645. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.93 and a current ratio of 0.93. The stock has a fifty day moving average of $27.56 and a 200-day moving average of $26.35. The company has a market capitalization of $489.65 million, a price-to-earnings ratio of 16.25 and a beta of 0.83. Arrow Financial Corporation has a 12-month low of $22.72 and a 12-month high of $34.63.

Arrow Financial (NASDAQ:AROW - Get Free Report) last released its quarterly earnings results on Thursday, July 24th. The financial services provider reported $0.70 EPS for the quarter, beating the consensus estimate of $0.62 by $0.08. The firm had revenue of $51.57 million for the quarter, compared to analyst estimates of $39.83 million. Arrow Financial had a net margin of 13.28% and a return on equity of 8.64%. On average, equities analysts anticipate that Arrow Financial Corporation will post 2.65 earnings per share for the current year.

Arrow Financial Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, August 25th. Stockholders of record on Monday, August 11th were given a dividend of $0.29 per share. This represents a $1.16 annualized dividend and a dividend yield of 3.9%. The ex-dividend date of this dividend was Monday, August 11th. This is a boost from Arrow Financial's previous quarterly dividend of $0.28. Arrow Financial's dividend payout ratio is presently 63.39%.

Insider Activity at Arrow Financial

In other news, CFO Penko Krassimir Ivanov purchased 10,922 shares of Arrow Financial stock in a transaction dated Wednesday, August 27th. The shares were purchased at an average price of $29.46 per share, with a total value of $321,762.12. Following the transaction, the chief financial officer owned 19,715 shares in the company, valued at $580,803.90. This represents a 124.21% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Over the last 90 days, insiders have purchased 13,425 shares of company stock worth $391,283. 3.28% of the stock is currently owned by insiders.

About Arrow Financial

Arrow Financial Corporation, a bank holding company, provides commercial and consumer banking, and financial products and services. The company's deposit products include demand deposits, interest-bearing checking accounts, savings deposits, time deposits, and other time deposits. Its lending activities comprise commercial loans, such as term loans, time notes, and lines of credit; and commercial real estate loans to finance real estate purchases, refinancing, expansions, and enhancement to commercial properties, as well as commercial construction and land development loans to finance projects.